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Waldon 5000

Maybe somebody could offer some diagnostic help..... My early 70's Waldron has an issue with its pump (I think:beatsme). I've owned this little machine for a year or so with the intent of doing a little work to it and then flipping it to move into something a little newer/larger. Good plan except for this chronic condition. As I'm driving around and the hydraulic oil is still "cold", the machine seems to drive reasonably well. As the hydraulic oil warms up there is a significant loss of power. So much so that I can't get the machine to move in "high" gear. And I mean no movement at all. Sits there and makes sounds like it wants to go, but nothing's happening. Change to Low range and I'm off and running again but at a greatly reduced speed, and even this drops off to a very slow crawl. The hydraulics for the bucket don't seem to be affected, nor does the steering. Both of these systems work fine with no loss of power. I did the rudimentary stuff like checked resevoir level (plenty). Put my hand on the pump, just seemed warm, nothing out of the ordinary. Anybody got any ideas as to where to start? I thought about changing filters, and maybe change the hydraulic oil. Probably wouldn't hurt, but I don't think it's going to be as simple as that....

Hey Mike, thanks for the help with this. Tomorrow I've got to check to see what type of fitting I'll need to adapt to. I've got a pressure gauge that goes to 3000 psi, so all I need is to have a hose and some fittings I think. Should there be some way to bleed air out of my test set-up?

I bought a older Waldon 6000 with a bad engine, I put a perkins 4236 in. I got it running well but have the exact same issue with very little power to the wheels, I was wondering what did you end up replacing?